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ADIB-led syndicate funds BGN + Al Seer Marine for VLGCs: A banking syndicate led by Abu Dhabi Islamic Bank (ADIB) extended a shariah-compliant loan amounting to AED 865 mn to ABGC, a JV between Al Seer Marine and BGN International, Wam reports. The financing marks the second tranche of a USD 370 mn syndicated loan to finance three very large gas carriers (VLGCs) in South Korea and Japan.
The details: Two of the vessels are set to be delivered in 2025, and the third in 2026, according to the statement. These ships will feature dual-fuel LPG engines, advancing towards zero-carbon propulsion.
Advisors: ADIB led the agreement, supported by specialized mandated arrangers including Abu Dhabi Commercial Bank, National Bank of Fujairah, Commercial Bank of Dubai, and Saudi Arabia’s Islamic Corporation for the Development of the Private Sector. Global law firms Denton served as the Syndicate’s Legal Council, and Holman Fenwick Willan served as legal counsel.
Remember: Al Seer Marine received a VLGC named North Gas with 84.3k cubic meters capacity from Hyundai Heavy Industries back in October 2023, marking the second VLGC delivery under the AED 459 mn agreement by ABGC. The first VLGC, Lucky Gas, was delivered in June. Al Seer Marine’s fleet now totals 20 ships.
